Canada's Housing Bubble

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Vancouver now a buyers’ market, report finds Print E-mail

Jul. 04 2012 Tara Perkins theglobeandmail.com

A sharp decline in home sales in the Greater Vancouver area has tilted the market in favour of buyers, the local real estate board said Wednesday.

Sales of houses and apartments fell 17.2 per cent from May to June, and were 27.6 per cent below the level they were at in June of last year, according to the Real Estate Board of Greater Vancouver.

Just 2,362 properties changed hands in June, the lowest level for that month since 2000.

“Overall conditions have trended in favour of buyers in our marketplace in recent months,” Eugen Klein, president of the real estate board, said in a statement. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”

As sales decline, fewer homes are coming on the market. New listings in June were 18.9 per cent below those of May, and 3 per cent lower than a year ago.

A composite benchmark measure of house prices in the region fell 0.7 per cent over the course of the month.

 
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